The demand for imported cars in the Vietnamese market is booming
The global economy has achieved a significant recovery in 2024, and Vietnam is no exception. Since the beginning of this year, Vietnam's economy has been growing rapidly, and with the growth of the economy, market demand has also increased significantly. It is understood that the current demand for imported cars in the Vietnamese market is booming.
The total amount of imported cars is growing. Data shows that the total amount of cars imported by Vietnam in the first nine months of this year reached nearly 120,000, an increase of about 24% year-on-year, and the total import amount exceeded US$2.3 billion, an increase of about 9% year-on-year. It is worth noting that Thailand and China are the main sources of automobile imports in Vietnam, accounting for a very large proportion of Vietnam's total automobile imports. The above data reflects that the consumption capacity and demand of domestic consumers in Vietnam are increasing.
Imported cars also have certain advantages in sales. In the first nine months, Vietnam's imported car sales exceeded 110,000, an increase of nearly 29% compared with the same period in 2023, and sales increased significantly compared with domestic cars. This shows that domestic consumers in Vietnam fully affirm imported cars, and at the same time, with the support of relevant policies, domestic consumers prefer imported cars.
Analysts pointed out that the rising demand for imported cars in Vietnam is a huge opportunity for foreign automakers. In order to expand business and reduce costs, many well-known automakers have invested in building factories in Vietnam. In the future, with the support of the industrial chain and demand, it is expected that the Vietnamese auto market will be more prosperous and attract investors' attention.